MedPlus, India’s second-largest retail pharmacy chain, is reportedly eying to raise INR 700 crore through the market ahead of going for an initial public offering (IPO), reported Inc42.
Madhukar Gangadi, the founder and CEO of MedPlus, said that the preparation of IPO draft prospectus (DRHP) will start next month.
Gangadi further said that the company could re-evaluate the idea of an IPO if it gets the right investors.
MedPlus was founded by Madhukar Gangadi in 2006. Dr. Gangadi envisioned a reliable source of medicine for the Indian consumers after reading a WHO report that claimed that 30% of the fake medicines sold all over the world came from India.
MedPlus claims to have over 1,400 pharmacies across the country, serving over 2,50,000 consumers daily, and employing more than 10,000 people.
The platform MedPlus later launched online pharmacy, medplusmart.com, in 2015, it is now the largest e-pharmacy in the country.
MedPlus operates other businesses in the healthcare industry, apart from its pharmacy store, these include MedPlusLabs, disease testing labs, MedPlusLens, an optical store and RiteCure, a hospital pharmacy management service.
The company MedPlus claims to be profitable and has a turnover of ₹2,000 crores. As per the company filings, it recorded a revenue of ₹1,726 crores for the year 2015-2016 with a profit of ₹9 crores.
Furthermore, according to the Deloitte 2016 report, the Indian healthcare market is projected to grow at a 23 per cent CAGR to reach $280 Bn by next year.
Other healthtech startups under the same roof constitute of Practo, NetMeds, 1mg, PharmEasy, among others.